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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
A credit report is a comprehensive document that details an individual’s or corporate’s borrowing history and repayment record. It provides potential lenders with a detailed picture of an individual (or company’s) credit-worthiness based on past and current credit behavior. It allows lenders to have quick access to accurate information when they receive new applications for credit, and allows them to make a faster and transparent lending decision.
Additional Reading: Know Your CIBIL™ Score
A credit report is issued by 4 authorized credit bureaus in India which are CIBIL™, Equifax, CRIF High Mark and Experian. Credit bureaus including CIBIL™ collects and maintains records of the credit-related transactions of individuals as reported by their lenders (whether banks, NBFCs or credit card companies). This information could include details of all loan and credit card repayments including any late or missed payments; details of enquires made by lenders on loan or credit card applications made in the past; all current loans and credit cards; total credit limit; and other such credit-related information.
A credit report is a single unified document that covers your credit history across different lenders over a significant period of time. Your credit report would include the following details:
1. CIBIL™ or Equifax? Which is better?
Each credit bureau, whether CIBIL™ or Equifax has its own advantages. For instance, CIBIL™ provides a detailed credit report and has a huge network of clients, partner banks, and financial institutions when compared to Equifax. Equifax on the other hand not only offers a descriptive report but also provides a pictorial representation of the credit report which is easier to comprehend. Thus, you cannot actually say which is better since both of them have their share of benefits.
2. Is CIBIL™ score the same as Experian?
There are 4 credit bureaus in India namely Experian, Transunion CIBIL™, Equifax, and CRIF Highmark. Each of these 4 credit bureaus generates a credit score. So, a CIBIL™ score is the one generated by CIBIL™ and Experian score is the one generated by Experian. Both CIBIL™ and Experian have their own benefits. However, in India, the CIBIL™ credit score has an edge over Experian’s since nearly 90% of Indian banks and financial institutions have tied it with CIBIL™.
3. What is a good CIBIL™ score?
A good CIBIL™ score is a score in the range of 700 and 900. A good CIBIL™ score has many benefits such as speedy approval, low-interest rates on the credit facility, a reduced loan amount, a longer repayment tenure, and more.
4. How do I read my CIBIL™ report?
Your CIBIL™ score is based on your credit behaviour as seen in the ‘Accounts and Enquiries’ section of your credit information report. This score ranges between 300 and 900. A score above 700 is generally considered good. Monthly or annual income details are as reported by the members - banks and financial institutions.
5. What is contained in a CIBIL™ report?
A CIBIL™ report contains detailed information on your credit history like home loans, overdraft facilities, car loans, credit cards, personal loans etc. It will furnish details about your repayment history of the credit borrowed over time.
The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF Highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
Credit Report Analysis,Usefulness of information,
Usefulness of information,
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